Expecting to sign contracts shortly on a ground floor flat in Notting Hill. Conveyancing lawyers inform me that they report fully within the next couple of days. What should I be looking out for?

Your report on title for your leasehold conveyancing in Notting Hill should include some of the following:

• The length of the lease term You should be advised as what happens when the lease expires, and informed of the importance of the 80 year mark

Ground rent - how much and when you need to pay, and also know whether this will change in the future

You should have a good understanding of the insurance provisions

Changes to the flat (alterations and additions)

The landlord’s rights to access the flat you be made aware that your landlord has rights of access and I know how much notice s/he must provide.

The landlord’s obligations to repair and maintain the building. It is important that you know who is responsible for the repair and maintenance of every part of the building

What the implications are if you breach a clause of your lease? For a comprehensive list of information to be contained in your report on your leasehold property in Notting Hill please ask your solicitor in ahead of your conveyancing in Notting Hill

I am looking at a two apartments in Notting Hill which have in the region of fifty years remaining on the leases. Will this present a problem?

There are no two ways about it. A leasehold apartment in Notting Hill is a deteriorating asset as a result of the reducing lease term. The nearer the lease gets to its expiry date, the more it adversely affects the value of the property. The majority of purchasers and mortgage companies, leases with less than 75 years become less and less attractive. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of premises with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Notting Hill conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.

What are your top tips when it comes to choosing a Notting Hill conveyancing firm to deal with our lease extension?

If you are instructing a conveyancer for your lease extension (regardless if they are a Notting Hill conveyancing firm) it is essential that they be familiar with the legislation and specialises in this area of conveyancing. We suggested that you make enquires with several firms including non Notting Hill conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then so much the better. Some following of questions might be of use:

• How experienced is the firm with lease extension legislation?

What volume of lease extensions have they completed in Notting Hill in the last 12 months?

All being well we will complete the disposal of our £325000 maisonette in Notting Hill next Tuesday . The landlords agents has quoted £336 for Certificate of Compliance, insurance certificate and 3 years service charge statements. Is it legal for a freeholder to charge an administration fee for a flat conveyance in Notting Hill?

Notting Hill conveyancing on leasehold apartments nine out of ten times necessitates administration charges raised by freeholders :

• Answering conveyancing due diligence enquiries
• Where consent is required before sale in Notting Hill
• Supplying insurance information
• Deeds of covenant upon sale
• Registering of the assignment of the change of lessee after a sale

Your solicitor will have no control over the level of the charges for this information but the average costs for the information for Notting Hill leasehold property is £350. For Notting Hill conveyancing transactions it is customary for the seller to pay for these costs. The landlord or their agents are under no legal obligation to answer such questions most will be willing to do so - albeit often at exorbitant prices where the fees bear little relation to the work involved. Unfortunately there is no law that requires fixed charges for administrative tasks. Neither is there any legal time frame by which they are required to supply answers.

I have had difficulty in trying to reach an agreement for a lease extension in Notting Hill. Can this matter be resolved via the Leasehold Valuation Tribunal?

Most definitely. We can put you in touch with a Notting Hill conveyancing firm who can help.

An example of a Lease Extension matter before the tribunal for a Notting Hill flat is 2 Grove House 95 Addison Road in October 2013. the Tribunal decided that the premium to bepaid for a new lease is £50,050. This case affected 1 flat. The the unexpired residue of the current lease was 68.4 years.

What makes a Notting Hill lease problematic?

Leasehold conveyancing in Notting Hill is not unique. Most leases is drafted differently and legal mistakes in the legal wording can sometimes mean that certain clauses are missing. The following missing provisions could result in a defective lease:

• A provision to repair to or maintain parts of the building
• Insurance obligations
• A provision for the recovery of money spent for the benefit of another party.
• Service charge per centages that don't add up correctly leaving a shortfall

You may encounter a problem when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. National Westminster Bank, Bank of Scotland, and Clydesdale all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to provide security, obliging the buyer to pull out.

Other Topics

Lease Extensions in Notting Hill